<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>q3_2004earningsexhibit-8k.txt
<DESCRIPTION>3RD QUARTER 2004 EARNINGS RELEASE
<TEXT>
EXHIBIT 99.1
------------
                             UNITED-GUARDIAN REPORTS

                          RECORD THIRD QUARTER RESULTS

     Hauppauge, NY, November 5, 2004 - United-Guardian,  Inc. (AMEX:UG) reported
today that sales and earnings for the third  quarter of 2004, as well as for the
first nine months of 2004, all reached record levels. Sales for the quarter were
$2,987,383 versus $2,315,417 for the same quarter last year, an increase of 29%,
and earnings for the quarter were up 31% from  $532,954 in 2003 to $699,096 this
year. For the nine-month  period sales  increased from  $8,632,494  last year to
$8,977,454 this year, and earnings  increased from $1,871,346 to $2,081,260,  an
increase of 11%.

     Ken Globus,  President of United-Guardian,  stated "Since our third quarter
is typically our slowest quarter due to seasonal slowdowns in European purchases
during the summer  months,  we were very pleased to achieve this record level of
sales and  earnings..  While some of this  increase may be  attributable  to the
timing of orders,  we believe  that it may also be an  indication  of  increased
sales of our core products,  including our recently introduced Lubrajel(R) II XD
moisturizing  gel.  We are  continuing  to work with our  marketing  partners to
develop new  products for the personal  care  industry,  which will enable us to
continue to steadily increase our sales and earnings over the coming years."

     United-Guardian  is a manufacturer  of cosmetic  ingredients,  personal and
health care products, pharmaceuticals, and specialty industrial products.

                                        Contact: Robert S. Rubinger
                                                 Public Relations
                                                 (631) 273-0900




     NOTE:  This press release  contains both  historical  and  "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995. These statements about the company's expectations or beliefs concerning
future events, such as financial  performance,  business prospects,  and similar
matters,  are being made in reliance upon the "safe  harbor"  provisions of that
Act.  Such  statements  are subject to a variety of factors that could cause our
actual results or performance to differ materially from the anticipated  results
or  performance  expressed or implied by such  forward-looking  statements.  For
further  information  about the  risks and  uncertainties  that may  affect  the
company's  business  please refer to the company's  reports and filings with the
Securities and Exchange Commission.

<page>
<table>
<caption>
                   RESULTS FOR THE NINE AND THREE MONTHS ENDED
                    SEPTEMBER 30, 2004 and SEPTEMBER 30, 2003

                                                              9 Months Ended                     3 Months Ended
                                                               September 30,                       September 30,
                                                         2004              2003              2004               2003
                                                       ---------         ---------         ---------          ---------
<S>                                                  <C>               <C>               <C>                <C>
Revenue                                              $ 8,977,454       $ 8,632,494       $ 2,987,383        $ 2,315,417
Costs and expenses                                     5,899,444         5,847,914         1,953,142          1,531,590
                                                       ---------         ---------         ---------          ---------
       Income from operations                          3,078,010         2,784,580         1,034,241            783,827

Other income                                             160,250           118,766            53,855             39,127
                                                       ---------         ---------         ---------          ---------
         Income before income taxes                    3,238,260         2,903,346         1,088,096            822,954

Provision for income taxes                             1,157,000         1,032,000           389,000            290,000
                                                       ---------         ---------         ---------          ---------
       Net income                                    $ 2,081,260       $ 1,871,346        $  699,096        $   532,954
                                                       =========         =========         =========          =========
Earnings per share (Basic and Diluted)               $      0.42       $      0.38        $     0.14        $      0.11
                                                       =========         =========         =========          =========
</table>

</TEXT>
</DOCUMENT>
